PANews reported on December 17 that according to CoinDesk, the European Securities and Markets Authority (ESMA) issued final guidance on Tuesday to help member states implement upcoming regulations. ESMA published a final report on reverse solicitation, systems, cryptocurrencies that may constitute financial instruments, and draft technical standards for preventing market abuse.
The EU’s dedicated regulation for the cryptocurrency industry, the Markets in Crypto-Assets (MiCA), is intended to take effect in the 27 member states on December 30. But some countries have yet to enact legislation to implement MiCA. Portugal’s central bank said on Monday that it had not yet determined which national authority would be in charge of the rules because the legislation had not yet been adopted. Industry associations said the delays in national authorities were partly due to the short time between ESMA’s publication of the final technical standards in October and the implementation date.
Verena Ross, ESMA Chair, said: “Looking ahead, as the transition period progresses, we will continue to provide guidance and work with all national competent authorities (NCAs) to ensure a smooth implementation of MiCA and support a level playing field through supervisory convergence actions.”
